Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

Equity Bottom-Up

AP Moeller - Maersk A/S / Equity Bottom-Up

<ul>
<li>Q423 earnings fell sharply, but were sufficient to hit FY23 guidance</li>
<li>FY24 guidance also lower, but allows for a very wide range of outcomes</li>
<li>Management raised concerns about Red Sea impact, L-T excess supply issues</li>
</ul>


Q423 earnings fell sharply, but were sufficient to hit FY23 guidance
FY24 guidance also lower, but allows for a very wide range of outcomes
Management raised concerns about Red Sea impact, L-T excess supply issues


Maersk FY23 Meets Guidance | But FY24 Guidance & Commentary Rock Hopeful 'Glass Half-Full' Investors

<ul>
<li>December was best reading from our momentum tracker since November 2022</li>
<li>Improvement driven by rising spot rates, new fees, and stronger volume growth</li>
<li>Even before Red Sea / Suez capacity squeeze, conditions were bottoming</li>
</ul>


December was best reading from our momentum tracker since November 2022
Improvement driven by rising spot rates, new fees, and stronger volume growth
Even before Red Sea / Suez capacity squeeze, conditions were bottoming


Monthly Container Shipping Tracker | Rate Momentum +ive | Throughput Up, Too | (January 2024)

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyzed the changes in short interest of TWSE Stocks as of Jan 5th which has an aggregated short interest worth USD13.4bn.</li>
<li>We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Wan Hai Lines, Silergy, Quanta Computer, Asustek Computer, Asia Vital.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Jan 5th which has an aggregated short interest worth USD13.4bn.
We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in Wan Hai Lines, Silergy, Quanta Computer, Asustek Computer, Asia Vital.


TWSE Short Interest Weekly (Jan 5th): Wan Hai Lines, Silergy, Quanta Computer, Asustek Computer

<ul>
<li>As we begin lapping easy comps, our momentum index looks "less bad"</li>
<li>Red Sea re-routes, interest rate moves, fuel all helped lift shares recently</li>
<li>We think lots of bad news has been priced into shares at current levels</li>
</ul>


As we begin lapping easy comps, our momentum index looks "less bad"
Red Sea re-routes, interest rate moves, fuel all helped lift shares recently
We think lots of bad news has been priced into shares at current levels


Monthly Container Shipping Tracker | Lapping Easy Comps | Red Sea Re-Routes & More (December 2023)

<ul>
<li>Price momentum in October was negative, but decline moderated somewhat</li>
<li>Disparate Q3 profitability trends reported by Maersk, Evergreen, and ZIM </li>
<li>As sentiment weakens (again), we also see signs of a cyclical bottom</li>
</ul>


Price momentum in October was negative, but decline moderated somewhat
Disparate Q3 profitability trends reported by Maersk, Evergreen, and ZIM 
As sentiment weakens (again), we also see signs of a cyclical bottom


Monthly Container Shipping Tracker | Maersk, Evergreen, ZIM Report Disparate Results (November 2023)

Taiwan

Wan Hai Lines Ltd. provides marine transportation and shipping agent services. The Company also purchases, sells, and leases vessels and containers as well as operates container freight stations.

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Wan Hai Lines (2615 TT)

Maersk FY23 Meets Guidance | But FY24 Guidance & Commentary Rock Hopeful 'Glass Half-Full' Investors

Maersk's downbeat commentary appeared to surprise investors last week. It also revealed a mismatch between management's long-term views and...

Tracking Traffic

Monthly Container Shipping Tracker | Rate Momentum +ive | Throughput Up, Too | (January 2024)

Price momentum for deep-sea container rates is improving, and container volumes are also firming. Meanwhile, cheap fuel remains a slightly helpful...

Tracking Traffic

TWSE Short Interest Weekly (Jan 5th): Wan Hai Lines, Silergy, Quanta Computer, Asustek Computer

We analyzed TWSE short interest report for the past week and highlighted short interest changes in Wan Hai Lines, Silergy, Quanta Computer, Asustek...

Ke Yan, CFA, FRM

Monthly Container Shipping Tracker | Lapping Easy Comps | Red Sea Re-Routes & More (December 2023)

We believe price momentum has started to get "less bad", mainly due to easier Y/Y comps. A potential Red Sea re-route could soak up lots of under...

Tracking Traffic

Monthly Container Shipping Tracker | Maersk, Evergreen, ZIM Report Disparate Results (November 2023)

Container rates remain under pressure, and fuel is no longer a tailwind. But Evergreen's stellar performance YTD is worthy of investors' attention,...

Tracking Traffic

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